Mary T. Barra, the chief govt of General Motors, with President Trump at a Michigan event last month to debate automaking and job creation.
The odd-looking line in this graph is the one for domestic consumption of autos and elements as a fraction of GDP; the road starts to drop after 2002, only reversing in 2010. It’s odd to me as a result of a graph of US vehicle gross sales is basically flat from 2001 to 2007 at between 16 and 17 million automobiles per year. Studying off Stuart’s graph above, the gross consumption line starts at about three.7% of GDP in 2001 and drops to round 2.8% in 2007, so roughly a 25% drop. Looking at BEA Table 1.1.5. US GDP rose 36% throughout that interval.
You’ll be able to see the rise in imports from a lot less than 1% within the 1960s to about 2% of US GDP within the mid 2000s (till the good recession hit). The opposite fascinating issue is that consumption of autos (as a fraction of the economy) started a critical decline within the early 2000s. That is going to complicate the analysis which I will take up once more within the next post.
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Complicating your exercise much more is the fact that individuals tend to hold their vehicles longer these days than they used to. That is in large part as a result of quality has gone up, decreasing the frequency wanted to buy a new automobile. I believe this has way more to do with the declining share of GDP dedicated to auto purchases than any of the opposite components you talked about.